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EX-99.2 - EX-99.2 - MEDCATH CORP | g21977exv99w2.htm |
EX-99.1 - EX-99.1 - MEDCATH CORP | g21977exv99w1.htm |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
Date of Report (Date of earliest event reported): February 3, 2010
MEDCATH CORPORATION
(Exact name of registrant as specified in its charter)
Delaware | 000-33009 | 56-2248952 | ||
(State or other jurisdiction of | (Commission File Number) | (IRS Employer Identification No.) | ||
incorporation or organization) |
10720 Sikes Place
Charlotte, North Carolina 28277
(Address of principal executive offices, including zip code)
Charlotte, North Carolina 28277
(Address of principal executive offices, including zip code)
(704) 815-7700
(Registrants telephone number, including area code)
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition
On February 3, 2010, MedCath Corporation (MedCath) issued a press release announcing its results
of operations for the fiscal quarter ended December 31, 2009. A copy of the press release is
furnished as Exhibit 99.1. included in the press release and the supplemental financial information
issued by MedCath and furnished herewith as Exhibits 99.1 and 99.2, are certain financial measures
that are not generally accepted accounting principles (non-GAAP), such as adjusted earnings
before interest, taxes, depreciation, and amortization (Adjusted EBITDA); adjusted diluted (loss)
earnings per share from continuing operations (Adjusted EPS); and free cash flows. Adjusted
EBITDA represents MedCaths loss from continuing operations, net of taxes before interest expense;
loss on early extinguishment of debt; income tax benefit; depreciation; amortization; share-based
compensation expense; loss on disposal of property, equipment and other assets; interest and other
income; equity in net earnings of unconsolidated affiliates; net income attributable to
noncontrolling interest; and pre-opening expense. Adjusted EPS represents MedCaths diluted loss
per share from continuing operations for the three months ended December 31, 2009 adjusted for
share-based compensation expense and pre-opening expense. Free cash flows are defined as cash flows
from continuing operations less non-expansion capital expenditures. MedCaths management uses
Adjusted EBITDA to measure the performance of MedCaths various operating entities, to compare
actual results to historical and budgeted results, and to make capital allocation decisions. Free
cash flows are utilized by management to measure the quality of MedCaths earnings. Management
provides Adjusted EBITDA, Adjusted EPS, and free cash flows to investors to assist them in
performing their analyses of MedCaths historical operating results. Further, management believes
that many investors in MedCath also invest in, or have knowledge of, other healthcare companies
that use Adjusted EBITDA, Adjusted EPS, and/or free cash flows as a financial performance measure.
Because Adjusted EBITDA, Adjusted EPS, and free cash flows are non-GAAP measures, Adjusted EBITDA,
Adjusted EPS, and free cash flows, as defined above, may not be comparable to other similarly
titled measures of other companies. MedCath has included a supplemental schedule with the financial
statements that accompanies this press release that reconciles historical Adjusted EBITDA to
MedCaths income from continuing operations, Adjusted EPS to diluted EPS from continuing
operations, and the computation of free cash flows.
Item 9.01. Financial Statements and Exhibits
Exhibit 99.1 Press Release dated February 3, 2010
Exhibit 99.2 Financial Update dated February 3, 2010
Exhibits 99.1 and 99.2 listed in this Item 9.01 are being furnished under Item 2.02 and shall not
be deemed filed for purpose of Section 18 of the Securities Exchange Act of 1934, as amended, nor
shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as
amended, except as shall be expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
MEDCATH CORPORATION |
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Date: February 4, 2010 | By: | /s/ James A. Parker | ||
James A. Parker | ||||
Executive Vice President and Chief Financial Officer |
INDEX TO EXHIBITS
Exhibit No. | Description | |
Exhibit 99.1
|
Press Release dated February 3, 2010 | |
Exhibit 99.2
|
Financial Update dated February 3, 2010 |